Thai Property firms have welcomed the Finance Ministry's plan to tax unused or empty land at a rate of at least 0.5% of the value of the plot, which should increase the availability of land for development to create economic value.

"We agree with a tax for unused land because that will force landlords to manage their property and distribute it for others to use, which will increase the value of the land," said Kanda Group chief executive Issara Boonyoung, and adviser to the Housing Business Association.